Real estate deals

Simon withdraws bid for General Growth

May 7, 2010
 IBJ Staff and Bloomberg News
Indianapolis-based Simon Property Group Inc. has withdrawn its offer for General Growth Properties Inc. after a bankruptcy court judge approved a sale process that gives an advantage to a group lead by rival bidder Brookfield Asset Management Inc.
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General Growth still backing Brookfield despite new Simon bid

May 7, 2010
Bloomberg News
General Growth Properties Inc. rejected Simon Property Group Inc.'s "best and final" offer.
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Simon Property makes 'final' General Growth offer

May 6, 2010
Bloomberg News
Simon Property says its latest offer is worth $6.5 billion, or $20 a share, for General Growth. It had last offered $18.25 a share.
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General Growth hearing delayed as Simon makes new bid

May 4, 2010
Bloomberg News
General Growth said the hearing before U.S. Bankruptcy Judge Allan Gropper has been moved from Wednesday to Friday.
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Simon Property steps up fight for General Growth

May 4, 2010
Bloomberg News
The latest proposal is the Indianapolis-based company's third attempt to buy or gain a piece of the No. 2 mall owner.
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General Growth backs new Brookfield plan over Simon offer, source says

May 3, 2010
Bloomberg News
General Growth Properties Inc. plans to back a revised bankruptcy exit plan proposed by Brookfield Asset Management Inc. over a competing offer by Simon Property Group Inc.
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Work begins on Penn Arts apartment, retail project

May 1, 2010
 IBJ Staff
Renovation work finally has begun on the building at 16th and Pennsylvania streets. Developer Christopher Piazza found two equity partners for the project because banks were unwilling to lend.
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Blackstone may join General Growth plan, Simon says

April 27, 2010
Bloomberg News
Simon Property Group and Blackstone Group LP are in "ongoing discussions" for an investment in General Growth after the mall operator turned down a $10 billion takeover bid from Simon in February, CEO David Simon said.
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General Growth hearing delayed to weigh bids

April 26, 2010
Bloomberg News
General Growth Properties Inc., the second-biggest U.S. mall owner, said a bankruptcy court hearing on its auction process will be delayed five days to give the company time to consider competing bids, including one from Indianapolis-based Simon Property Group.
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Politically connected broker's deals raise conflict questions

April 24, 2010
Cory Schouten
John Bales' firm earned $2.9M in commissions on leases for state agencies and $270,000 in commissions on the sale of surplus state properties. He also acted as a developer for public-sector tenants—putting them into buildings owned by him or his associates.
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Local Scholars Inn sold, to reopen under new name

April 14, 2010
Scott Olson
The Mass Ave. restaurant is set to become Mesh, which will feature a more casual atmosphere and menu, as well as a new operator who will lease the space from the building's owners.
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Simon Property Group cranks up bid for General Growth

April 14, 2010
Simon Property Group upped its offer for rival General Growth Properties Inc., pledging to invest $2.5 billion in a reorganization and match the terms of a bankruptcy exit plan led by Brookfield Asset Management Inc.
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General Growth's bankruptcy plan makes room for Simon

March 31, 2010
Bloomberg News
The provision would give General Growth time to explore a takeover bid from Simon Property Group Inc., whose $10 billion offer was turned down by its rival in February. Simon is preparing a new bid, according to a person with knowledge of that plan.
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Lugar Tower project delayed by lack of tax credits

March 26, 2010
Scott Olson
Renovation of apartment building owned by the Indianapolis Housing Agency will have to wait, after it failed to receive the necessary federal backing to fund it. Three other IHA projects, including Caravelle Commons, will move forward, however.
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Another General Growth suitor enters fray

March 23, 2010
Bloomberg News
Elliott Associates LP and Paulson & Co. are said to be discussing a plan to team with Brookfield Asset Management Inc. to bring mall owner General Growth Properties Inc. out of bankruptcy, competing with Simon Property Group.
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Simon weighs new General Growth bid, sources say

March 17, 2010
Associated Press
Simon Property Group Inc. is considering raising its $10 billion buyout offer for rival shopping mall owner General Growth Properties Inc. as early as this week.
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Former Summit House apartment tower sold

March 16, 2010
Tom Harton
The landmark apartment building at 38th and Meridian streets formerly known as Summit House has been purchased by a pair of Chicago investors who plan to invest  “a significant amount of capital” into the 20-story tower.
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Simon says new General Growth plan is less uncertain

March 11, 2010
Bloomberg News
A new plan by mall owner General Growth Properties Inc. to exit bankruptcy resolves some uncertainty rival bidder Simon Property Group Inc. has criticized, Simon CEO David Simon says.
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Simon Property CEO uses hard-nosed style to excel at acquisitions

March 6, 2010
Cory Schouten
David Simon, the shrewd and blunt deal-maker—an acquisitive former Wall Street wunderkind who transformed Simon Property Group Inc. into the nation's largest mall owner—is trying to land his biggest deal yet.
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Stutz Business Center owner purchases Canterbury Hotel

March 1, 2010
Scott Olson
Turner Woodard has purchased the historic Canterbury Hotel on South Illinois Street. He said the hotel fits his vision of turning around properties and making them profitable.
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Restoration planned for landmark Old Centrum propertyRestricted Content

February 27, 2010
Cory Schouten
The Historic Landmarks Foundation of Indiana plans to acquire the Romanesque Revival former church and is considering moving its headquarters there.
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Battle for General Growth biggest real estate fight in years

February 25, 2010
Bloomberg News
The battle for General Growth Properties Inc., owner of more than 200 U.S. malls, is turning into the biggest real estate skirmish since the sale of Sam Zell's Equity Office Properties Trust.
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Westfield Group enters General Growth fray, source says

February 25, 2010
Bloomberg News
Additional offers beyond those by Simon Property Group and Brookfield Asset Management may emerge, General Growth President Thomas H. Nolan Jr. said.
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Brookfield deal doesn't put Simon out of General Growth game

February 25, 2010
Bloomberg News
The bid by Simon Property was an "initial salvo" and the Brookfield plan likely will prompt a new offer from the Indianapolis-based mall owner, real estate research analyst says.
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Brookfield after 30-percent stake in General Growth, source says

February 23, 2010
Bloomberg News
The plan by Toronto-based Brookfield Asset Management would give General Growth Properties a higher valuation than a $10 billion takeover bid by Simon Property Group.
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  1. I am a Lyft driver who is a licensed CDL professional driver. ALL Lyft drivers take pride in providing quality service to the Indianapolis and surrounding areas, and we take the safety of our passengers and the public seriously.(passengers are required to put seat belts on when they get in our cars) We do go through background checks, driving records are checked as are the personal cars we drive, (these are OUR private cars we use) Unlike taxi cabs and their drivers Lyft (and yes Uber) provide passengers with a clean car inside and out, a friendly and courteous driver, and who is dressed appropriately and is groomed appropriately. I go so far as to offer mints, candy and/or small bottle of water to the my customers. It's a mutual respect between driver and passenger. With Best Regards

  2. to be the big fish in the little pond of IRL midwest racin' when yer up against Racin' Gardner

  3. In the first sentance "As a resident of one of these new Carmel Apartments the issue the local governments need to discuss are build quality & price." need a way to edit

  4. As a resident of one of these new Carmel Apartments the issue the local governments need to discuss is build quality & price. First none of these places is worth $1100 for a one bedroom. Downtown Carmel or Keystone at the Crossing in Indy. It doesn't matter. All require you to get in your car to get just about anywhere you need to go. I'm in one of the Carmel apartments now where after just 2.5 short years one of the kitchen cabinet doors is crooked and lawn and property maintenance seems to be lacking my old Indianapolis apartment which cost $300 less. This is one of the new star apartments. As they keep building throughout the area "deals" will start popping up creating shoppers. If your property is falling apart after year 3 what will it look like after year 5 or 10??? Why would one stay here if they could move to a new Broad Ripple in 2 to 3 years or another part of the Far Northside?? The complexes aren't going to let the "poor" move in without local permission so that's not that problem, but it the occupancy rate drops suddenly because the "Young" people moved back to Indy then look out.

  5. Why are you so concerned about Ace hardware? I don't understand why anyone goes there! Every time ive gone in the past, they don't have what I need and I end up going to the big box stores. I understand the service aspect and that they try to be helpful but if they are going to survive I think they might need to carry more specialty parts.

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